MPay targets 1m e-wallet users by 2020

By DASHVEENJIT KAUR

MANAGEPAY Systems Bhd (MPay) has targeted to increase the number of its MPay e-wallet users to one million by 2020.

MD Datuk Chew Chee Seng said the number of users might see a jump to 100,000 by the end of the year with the inclusion of businesses from Johor Corp’s (JCorp) subsidiaries, in collaboration with the nationwide deployment of credit card machines.

“MPay Wallet today has more updated features as we are going into fee-based, commission-based to facilitate trades.

“Currently, we process transactions worth between RM150 million and RM200 million per year. With a million subscribers, money process might hit RM1 billion per year,” he told a press conference after unveiling ParcelPay, MPay Wallet’s latest feature, yesterday.

The card that enables purchase transactions, bill payments, telco prepaid reloads and domestic remittance services is a part of Bank Negara Malaysia’s (BNM) initiative to enable the country to become a cashless society.

Since the launch of MPay Wallet in April 2016, the app has been updated with major features—with one of its latest highlights being ParcelPay.

ParcelPay is a comprehensive solution delivery service that includes ParcelPay Enterprise, ParcelPay CCOD and ParcelPay Express.

“ParcelPay is far ahead com- pared to existing solutions in the market shipment and as a company licensed trusted payment, we want to offer the convenience of delivery to the various categories of users, including corporate, small and medium enterprises, and individuals.

“With the online platform, customers can choose to use a shipping company partners pay, wrapping bulk upload, track the status of packages and enjoy discount shipping rates,” he said.

Chew added that ParcelPay CCOD is an end-to-end collection on delivery (COD) ecosystems which comprise consumers, courier companies and e-tailers or retailers.

Meanwhile, ParcelPay Express serves as a fourth party logistics service delivery through the Pay Wallet application. “ParcelPay Express services are strengthened by the support of our courier providers and partners like Pos Malaysia Bhd, Skynet Worldwide and Line Clear.

“Customers can send parcels from the comfort of their homes or offices, capitalising the stay-at-home economy,” said Chew.

As BNM aims to centralise all current cardholder verification method by June 30, 2017, to “chip and pin” from “chip and sign” previously, Chew said MPay is ready to support the exercise with its latest technology innovation and payment solution — MPay Chip & Pin.

He said MPay would add more merchants, and with the deployment of more than 3,000 e-wallet reader terminals to one of the franchises owned by JCorp, some 25,000 new MPay Wallet users are expected from the community business arrangement.

Meanwhile, Chew said ParcelPay is now progressively working to partner more logistics providers to expand locally and internationally.

During the first-quarter of the year ended March 31, 2017, the group recorded a loss of RM2.3 million — which was attributed to the increase in direct costs of purchase of new terminals and devices, and e-money maintenance.

Its revenue for the first three months of the year was higher at RM1.42 million from RM1.19 million recorded a year ago.